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http://www.propertyweek.com/news/anglo-american-hq-hits-market-for-%C2%A3148m/5081975.article

12/05/2016

Anglo American HQ hits market for £148m

The plush West End headquarters of mining giant Anglo American has been put on the market with a £148m price tag.

Carlton House Terrace

Owner LaSalle Investment Management is selling 20-24 Carlton House Terrace in St James’s at a yield of 4.08% and has appointed JLL to market the 90,720 sq ft asset.

The sales process will act as a barometer for the prime central London office market and the timing of the sale could prove astute, a West End agent told Property Week.

“The market will have a keen eye on this to see how the sale of this building goes during the next few weeks,” he said.

“Although it won’t be sold before the Brexit vote it will still be interesting to see the level of interest it gets and where this interest comes from.

“It’s quite a bold move from LaSalle as there is scarcely anything else of this lot size on the market – but it could pay off handsomely as it puts them at least six weeks ahead of everyone else.”

The asset presents potential buyers with the opportunity to take advantage of rising prime office rents in St James’s which have reached £185/sq ft.

Anglo American has been in the building since it floated in 1999 and is paying a relatively low rent in the region of £65/sq ft on its lease which expires in 2020.

Last summer, in a bid to slash costs the 99-year old miner had considered breaking the lease early and moving away from the luxury office block, which sits in a terrace of houses by Regency architect John Nash and is among the most lavish headquarters of the FTSE 100.

Hatton Gardens sale

The company’s share price has dived year 18 months following a collapse in metal prices that has squeezed profits across the mining industry.

However, last month the company announced its was selling the Hatton Gardens building of its sister diamond company De Beers and moving staff across to its Carlton House Terrace HQ.

The sale of 17 Charterhouse Street is part of a plan to offload $4bn (£2.8bn) in assets andreduce its debt.

LaSalle looks set to make a significant profit from the Carlton House Terrace sale. The guide price of £148m is 74% above what the £85m LaSalle paid for the building in in 2010 when it bought it from Investec Property Investments and Credo Property Group.

The building, a stone’s throw from Buckingham Palace, also includes a self-contained residential block with 14 apartments let to the City of Westminster until 2073.

Residential properties in the street are among the most expensive in the capital with one listed for as much as £250m in 2013.



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